We qualified for the $8,000 first time home buyer stimulus. We have owned our home for 2 years. My husband is active duty and we just recieved orders to PCS to another duty station, but heard if we rent out our home we will have to pay back the money. I dont understand because we are HAVING to leave because of my husband being active duty. I heard there is a claus can anyone help?????

I also want to make sure what I do doesn’t screw up UE after tax season is over.

I need UE to start backup when business stops in late April. I think I am in good shape as I never really found employment. They really need to put out a good guide for self employed people.

Having been an independent financial advisor for years, I know that I would do most of my billings at the end of the year or I would ask my clients to pay me in January of the following year to control my effective tax rate from year to year.

Also, let’s say you buy a computer that must be depreciated over 5 years. You’re weekly P&L would reflect 1/260th of the purchase price as a depreciation expense (using straight line, MACRS could be better but haven’t looked at those rates in a good while).

Bottom Line: You’re in the driver’s seat if you simply use what is already available.

BTW-the UE system is SERIOUSLY jacked up. Good system, really frustrating administration, and a pain in the backside to deal with. Perhaps one of the UE strategies is to make it such a pain that you do ANYTHING to stop dealing with them.

Stop by my personal blog at http://www.wealthuncomplicated.com and drop me an email. I’d love to chat with you and see if there’s anything I can do to help you get off the UE rolls.

The problem I have with it is a mental block for me. I could go out and find a job right now (not as an accountant) for say $9 an hour (less than half of what I was making). Only problem is UE is essentially paying me $9.50 an hour. End result is, even though I work 40 hours a week, I bring home the SAME AMOUNT as I would if I sit on my thumb all day. If I find a job making $10 an hour, it is like I am making 50 cents an hour because UE was already paying me $9.50/hour.

Either way, the benefits run out sooner or later so I need to do something. I can’t find a job in my educated field, so I am going to create one. Hopefully everything works out with it and I can work for myself instead of ‘The Man’ for forever.

Just remember that your earnings are really up to you to report to ODJFS. They have a difficult time tracking self-employment income as it really comes down to what you put on your weekly report. When you do your Schedule C, you’re also left largely to your own reporting though some of your transactions may come through 1099 income that the counterparty reports.

Bottom line: check with ODJFS first, keep up with your P&L (a good habit anyway), and make sure you provide an accurate report to ODJFS.

I hope there is an easier way to do this.

saladdin